Agricultural land Fiagro with 24 farms and 84k hectares
Segment: Fiagro / Agricultural Land (Hybrid / Multi-strategy) · Price R$ 84.33 · P/BV 0.8639 · BV/unit R$ 97.61 · Net assets R$ 1,84 Bi · 145,325 unitholders · 24 assets
RZTR11 (Riza Terrax FIAGRO-FII) is a Brazilian REIT in the Fiagro / Agricultural Land (Hybrid / Multi-strategy) segment. Agricultural land Fiagro with 24 farms and 84k hectares
The fund acquires farms across eight states and leases them to rural producers who pay rent pegged to soybean prices; part of the land is held for appreciation and eventual resale. Note: producers pay per harvest rather than monthly, so distributions fluctuate with the harvest and soybean prices.
This page gathers the factual snapshot of RZTR11 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 Gestora de Recursos LTDA).
Riza Asset is an independent asset manager with a strong footprint in structured agribusiness and real estate credit strategies. RZTR11 is the firm's flagship farmland Fiagro (Brazilian agribusiness fund), launched in Oct/2020 as one of the pioneers in the segment. The firm also manages RZAT11 (diversified sale-leaseback), RZAG11 (CRA), and RZAK11 (CRI), all of which are analyzed on this site.
RZTR11's track record is solid: 5 years of uninterrupted monthly distributions, 4 offerings executed with the market pricing close to book value, and Land Equity sales executed with significant gains (Clarão da Lua Group 3: 20.5% p.a. IRR). The team demonstrates discipline in rural due diligence—periodic site visits, regional expertise, and contracts indexed to bags of soybeans to lock in margins. The drawback is the 20% performance fee above CDI + 2%, which is heavy for the segment.
See our analysis of Riza Asset Management (Riza Gestora de Recursos LTDA) →
| Asset | Location | % of NAV | Occupancy |
|---|---|---|---|
| Fazenda Santa Clara | Bom Jesus - PI | 5.3% | 1.0% |
| Fazendas Morangas/Bonito/Ponte de Pedras | Serranópolis - GO | 2.2% | 1.0% |
| Fazenda Poranga II | Sorriso - MT | 4.1% | 1.0% |
| Fazendas Vale do Rio Celeste/São José/Mattos | Nova Ubiratã - MT | 3.6% | 1.0% |
| Fazendas São Martinho | Sorriso - MT | 4.8% | 1.0% |
| Fazendas Água Funda/São Francisco | Buriticupu - MA | 1.8% | 1.0% |
| Fazendas Bacuri and Buriti | São José do Xingu - MT | 2.5% | 1.0% |
| Fazenda Santo Antônio do Ouro | Formosa do Rio Preto - BA | 3.0% | 1.0% |
| Fazenda Rio Bonito | Canarana - MT | 3.6% | 1.0% |
| Fazenda Cristalina | Campo Verde - MT | 2.5% | 1.0% |
| Fazenda Nossa Sra. Aparecida | Balsas - MA | 1.1% | 1.0% |
| Fazenda Paranatinga | Sorriso - MT | 16.2% | 1.0% |
| Fazenda Clarão da Lua (Group 4) | Wanderlândia - TO | 6.8% | 0.0% |
| Fazenda Bom Jardim | Montividiu - GO | 2.6% | 1.0% |
| Fazenda Flórida | Chapada da Natividade - TO | 1.4% | 1.0% |
| Fazenda Bacuri | Riachão - MA | 4.0% | 1.0% |
| Fazenda Chapadão da Serra | Sambaíba - MA | 3.7% | 1.0% |
| Fazenda Trevisan | Santa Rosa do Tocantins - TO | 1.0% | 1.0% |
| Fazenda Noricum | Guarapuava - PR | 3.9% | 1.0% |
| Fazenda San Francisco I (Land Equity) | Canarana - MT | 7.9% | 0.0% |
| Fazenda San Francisco II | Canarana - MT | 5.0% | 1.0% |
| Fazenda Serra Grande | Alto Parnaíba - MA | 1.1% | 1.0% |
| Fazenda Roma/Vitória/Capivara | Tupiratins - TO | 1.6% | 0.0% |
| Fazenda Cedro I | Serra do Cabral - MG | 10.3% | 0.0% |
HHI 0.0683 — baixa.
| Breakdown | Share |
|---|---|
| By state | Centro-Oeste 55.0% · Norte 27.8% · Sudeste 10.3% · Sul 3.9% · Nordeste 3.0% |
| By tenant | Agropecuária N Fries 16.2% · Úbere Agropecuária 8.6% · Fritzen Group 5.3% · Kappes Group 5.1% · Grupo Führ 4.8% · Agropecuária Poranga 4.1% |
| By index | Soybean bags (pre-fixed) 96.0% · Unleased (Land Equity) 4.0% |
The P/BV of 1.00 (R$ 91.75 vs book value of R$ 91.74) matches the average of the logistics/shopping brick-and-mortar segment. For a fiagro, it is the most expensive in the group (BTRA11 sits at 0.60). The market premium reflects the fund's institutional quality.
last close R$ 84.33 · all-time low R$ 80.76 · high R$ 108.4 · book value per unit R$ 97.61.
Average daily volume (21 sessions) of R$ 3,067,720 · 12-month average of R$ 3,067,720.
High liquidity for a Fiagro: R$ 3M/day. Positions of R$ 1M can be exited in ~1.6 business days without moving the price — suitable for retail and small-to-mid institutional investors
| Period | What happened |
|---|---|
| Oct/2020 — IPO | Inception of FII Riza Terrax on Oct 2, 2020, with 4.9 million units at R$ 100. Banco Genial acting as administrator, Riza Gestora de Recursos as manager. |
| 2021 — 2nd offering and expansion | 2nd unit offering raises NAV to R$ 1.08B (units increase to 11.05 million). Acquisition of farms in Mato Grosso, Goiás, and other states. Consistent rollout of Sale & Leaseback and Buy to Lease strategies. |
| 2022 — Peak DPU of R$ 1.25 | During a soaring soybean cycle (record prices in 2022) with the Selic rate at 13.75%, the fund delivered R$ 1.25/unit monthly for 13 consecutive months (Nov/21 to Nov/22). Historical high. |
| 2023 — DPU drop to R$ 0.85 | With the decline in soybean prices in 2023 (CEPEA falling from R$ 200+ to R$ 130/bag), DPU regressed to R$ 0.85, stabilizing for 8 months. In Oct/2023 it rose back to R$ 1.10 and R$ 1.40 (Oct/Nov/23 — extraordinary distributions). |
| Dec/2023 — 4th offering | 4th offering raises units to 18.85 million and NAV to R$ 1.39B. Capital targeted for acquisitions in Mato Grosso and Maranhão. |
| 2024 — Stability at R$ 0.90 | DPU stabilized at R$ 0.90/unit for 8 months (Mar to Oct/24). In Nov/24 it rose to R$ 1.15 with an extraordinary distribution. NAV reached R$ 1.9B with 24 farms in the portfolio. |
| Feb/2025 — Adaptation to CVM Resolution 175 | Bylaws amendment to comply with CVM Resolution 175 (successor to ICVM 472). Adoption of the 'Limited Liability' suffix. Changes had no impact on unitholder rights. |
| Aug/2025 — Sale of Clarão da Lua Group 3 | Sale of Fazenda Clarão da Lua – Group 3 for R$ 108 million , with an IRR of 20.51% p.a. and a capital gain of approximately R$ 41 million. A milestone for the Land Equity strategy. |
| Nov/2025 — Group 4 sales commitment | Executed a Private Instrument Sales Commitment Contract for Fazenda Clarão da Lua – Group 4. Combined Groups 3 + 4 represent an estimated total positive impact of R$ 1.98/unit , to be recognized over the receipt period. |
| 2026 — DPU stabilized at R$ 1.00 | Monthly distribution stabilized at R$ 1.00/unit since Jul/2025. Accumulated Earnings Balance at R$ 2.50/unit (originally reported in Jan/26) — a reserve to smooth semiannual fluctuations. Units trade near book value (P/BV of 1.00). |
| Mar/2026 — Accounting correction depletes reserve | The Management Report Mar/2026 (published May 13, 2026) retroactively corrects the Accumulated Balance for Jan/2026: dropping from R$ 2.50/unit to R$ 0.15/unit following the 'correction of an identified error.' The accounting reserve supporting the R$ 1.00 DPU is effectively depleted. Book value per unit also receded from R$ 94.62 (Dec/25) to R$ 91.74 (Mar/26) — management cites financial obligati |
| Apr/2026 — Management clarifies debt structure and unit price drops to R$ 90.08 | Management Report Apr/2026: net debt confirmed at only 1.4% of NAV (R$ 24M) . Gross obligations of R$ 263M (Francisco Dumont + San Francisco) are offset by receivables of R$ 313M (Paranatinga through 2030 + Clarão da Lua through 2029). Management announced that Fazenda Roma (Land Equity, TO) will be marked to market by June 30, 2026. The market unit price closed the month at R$ 90.08 (-5.2% for th |