Riza Lecci Fundo de Investimento Imobiliário Responsabilidade Limitada — Senior Subclass (CNPJ 56.212.023/0001-14). Subordinated subclass listed under ticker RZLC15 with 15% credit enhancement over the Senior subclass.
Segment: Hybrid / Multi-Category Paper Fund (Active Management) · Price R$ 1008.45 · P/BV 1.0103 · BV/unit R$ 998.19 · Net assets R$ 162 Mi · 178 unitholders
RZLC11 (Riza Lecci FII) is a Brazilian REIT in the Hybrid / Multi-Category Paper Fund (Active Management) segment. Riza Lecci Fundo de Investimento Imobiliário Responsabilidade Limitada — Senior Subclass (CNPJ 56.212.023/0001-14). Subordinated subclass listed under ticker RZLC15 with 15% credit enhancement over the Senior subclass.
CDI+1% return with 15% subordinated buffer — heavy concentration in Direcional residential development
This page gathers the factual snapshot of RZLC11 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 Allocation Asset Management.
Riza is an independent Brazilian asset manager with a diversified platform of credit and structured fixed-income funds. For RZLC11, it operates through 6 integrated desks (Fixed Income, Direct Lending, Securitization, Agribusiness, Real Estate, and Infrastructure), allowing it to source opportunities outside traditional public CRI channels. The manager is also a preferred unitholder in underlying FIIs (Riza Estia, Riza Kalithea, Riza Terrax) — a situation that creates self-allocation requiring monitoring, though it remains within the mandate stated in the Prospectus.⚠️ PORTFOLIO UNDER RESTRUCTURING (May/2026) — FIIs fully liquidated, 77.5% in Fixed Income Funds awaiting new allocation
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Fixed Income Funds (post-divestment liquidity) | — | 77.5% | — |
| cri-urba-mrv-2035 | — | 3.2% | — |
| cri-allegra-pacaembu-2027 | — | 2.9% | — |
| cri-solargrid-2038 | — | 2.8% | — |
| cri-youinc-2028 | — | 2.8% | — |
| cri-direcional-senior-2029 | — | 2.3% | — |
| cri-cfl-ii-2028 | — | 1.6% | — |
| cri-prosoluto-i-2030 | — | 1.2% | — |
| cri-direcional-22f-2029 | — | 0.9% | — |
| cri-genial-solar-2036 | — | 0.9% | — |
| cri-porto-ponta-felix-2032 | — | 0.9% | — |
| cri-nm-ksm-log-2029 | — | 0.8% | — |
| cri-prosoluto-23b-2029 | — | 0.7% | — |
| cri-splice-2028 | — | 0.5% | — |
| cri-prosoluto-23b-pequeno | — | 0.1% | — |
HHI 0.387 — alta.
| Breakdown | Share |
|---|---|
| By index | CDI+ 94.9% · IPCA+ 5.9% · INCC+ 1.6% |
Units trade close to book value (R$ 1,012.50 book value vs R$ 1,004.64 market price as of May 13, 2026). Quasi-fixed-income structure—market maker keeps theoretical prices close to book value.
last close R$ 1008.45 · all-time low R$ 1001.33 · high R$ 1015.59 · book value per unit R$ 998.19.
Average daily volume (21 sessions) of R$ 75,000 · 12-month average of R$ 90,000.
Very low liquidity. Positions above R$ 500k require ~30+ business days to liquidate without moving the price significantly. Qualified Investor restrictions keep retail individual buyers away. The market maker mitigates this, but does not replace a deep market.
| Period | What happened |
|---|---|
| Definitive Prospectus of the 1st Offering | Approval of the initial R$ 50M offering (50,000 units at R$ 1,000) by CVM via automatic registration (CVM Resolution 160). Senior Units (RZLC11) + Subordinated Units (RZLC15) — ANBIMA Hybrid Paper Active Management / Multi-Category structure. |
| Fund commencement of operations | Official operating date per Annual Report. Partial distribution completed — R$ 49.6M of initial NAV. |
| 1st distribution paid (R$ 10.06/unit) | First distribution of the Senior subclass referring to September/2024. Monthly DY of 1.00% — in line with the CDI+1% mandate. |
| Highest historical DPU: R$ 13.70 (Jul/2025) | Month with the highest distribution on Senior units — R$ 13.70/unit (DY 1.35%). Reflects portfolio composition during a high Selic cycle. |
| 2nd Offering completed — NAV triples | Net assets jump from R$ 48.5M (Sep/25) to R$ 159.6M (Dec/25). Senior unit count goes from ~46,700 to 135,120. Receipts issued in Dec/25 already converted and trading on B3 in early 2026 — improving liquidity. |
| Definitive portfolio allocated — 70.3% in Ponte da Liberdade | Capital from the 2nd offering fully allocated to FII Ponte da Liberdade (R$ 97.5M — 60.9% of NAV) and other assets. Real Estate mandate reached 86.3% of NAV vs. target allocation of 75%. |
| Unitholder base reaches 159 investors | From an initial base of 5 unitholders in Aug/2024 to 159 in Mar/2026. Gradual growth reflects the Qualified Investor barrier. |
| MATERIAL CHANGE: FII portfolio fully liquidated — R$125M → Fixed Income Funds | Between March and May 2026, the fund liquidated its entire FII portfolio: Ponte da Liberdade (R$97.5M, 60.9% of NAV), Lago da Pedra (R$11.9M), Riza Estia (R$10.6M), Riza Terrax (R$4M), and Riza Kalithea (R$2.1M). Proceeds (~R$125M) were parked in immediate-liquidity Fixed Income Funds (item 9.4 of the May report). The April/2026 Management Report (image PDF) may explain the reason, but was unaudit |