Recommendation: ACCUMULATE · Rating 7,2/10
The RZTR11 (Riza Terrax) is the largest listed agricultural land FIAGRO: 24 farms, 84,000 useful hectares, average contractual rate of 15% p.a. and average term of 10 years. In Apr/2026 it distributed R$ 1.00/unit (12-month DY of 14.2%), with the unit trading at P/BV 0.98 (R$ 90.08 vs BV R$ 91.74) — the first time below book value in 2026. It is a rare case of real diversification in fiagro — HHI of 0.07, top-1 concentrates 16.2% (Fazenda Paranatinga, soy-MT), 8 states, 21 distinct lessees.
The highlight of the Apr/2026 Management Report: management formally clarified the debt structure. Gross obligations are ~R$ 263M (Francisco Dumont R$ 72M + San Francisco R$ 190.8M), but sales receivables total ~R$ 313M (Paranatinga R$ 246.1M through 2030 + Clarão da Lua R$ 67.2M through 2029). Net debt: R$ 24M (~1.4% of net assets) — the fund operates with minimal leverage, not high as the gross liabilities suggested.
The short-term context: the unit fell -5.2% in Apr/2026 (from R$ 94.98 to R$ 90.08), accumulating -9.1% in 2026. The accumulated balance remained at R$ 0.19/unit — the thesis depends on the semi-annual capture in Jun-Jul and Nov-Dec to sustain DPS R$ 1.00. Fazenda Roma (Land Equity, TO) will be marked to market by 30/06/2026 with an expected appreciation. For those willing to accept agro exposure, it remains the most diversified option in the segment — now with P/BV < 1 and greater visibility on the capital structure.
The RZTR11 is the largest listed agricultural land fiagro in Brazil: 24 farms across 84,000 useful hectares, spread across 8 states, with an average contractual rate of 15% p.a. and average term of 10 years. The core thesis is real diversification in productive land, with three return drivers: recurring leases (Sale & Leaseback + Buy to Lease, ~74% of net assets), capital gains on undervalued land (Land Equity, 26%) and potential buyback by lessees (option embedded in S&L and BtL contracts).
The Accumulated Result Balance remained at R$ 0.19/unit in Apr/2026 (same as Mar/2026). The Jan/2026 accounting correction that dropped it from ~R$ 2.50 to R$ 0.19/unit persists — the reserve is minimal. With DPS R$ 1.00/unit and result/unit of R$ 1.00 (Apr/2026), the fund operates without building an additional buffer. DPS continues to depend on the semi-annual capture in Jun-Jul and Nov-Dec/2026.
BV/unit went from R$ 94.62 (Dec/2025) to R$ 91.74 (Apr/2026) — a 3.1% decline in 4 months, but BV remained stable between Mar/2026 and Apr/2026. The manager clarified in the Apr/2026 Management Report that the reduction stems from the obligations of Fazendas San Francisco (R$ 190.8M payable through 2028) and Francisco Dumont (R$ 72M + coffee cultivation costs). Positive: Fazenda Roma will be marked to market by 30/06/2026 with an appraisal report, which should help normalize BV.
Lease payments are annual or semi-annual, not monthly. In 1Q2026 the fund generated R$ 3.10/unit in income and distributed R$ 3.00/unit (97% payout), but this pace is only sustainable because of semi-annual collection. In Mar/2026 income/unit was R$ 1.01 with revenue of R$ 21.1M vs R$ 22.1M in Jan/2026 (4.7% decline).
Lease contracts are pre-fixed in soybean bags (average rate 15% p.a.). Revenue in BRL varies with the CEPEA soybean price: in Jan/2026, the Paranaguá bag fluctuated between R$ 136-141, below the 2025 peak. A prolonged cycle of depressed soybeans (high global inventories, stable Chinese demand) can compress DPS without the manager being able to adjust — unlike REITs with an IPCA clause.
Three farms (Clarão da Lua, San Francisco I, Fazendas Roma+Cedro I) total R$ 612 million (26% of net assets) without current leases. The thesis is long-term capital appreciation (~30% p.a. expected by the manager), but they generate no monthly cash flow. This means 26% of fixed assets depends on future sales to generate returns for unitholders — the Clarão da Lua Group 3 case worked (IRR 20.5%), but it is a riskier strategy than traditional sale-leaseback.
Net cash (item 9 of the Mar/2026 Monthly Report) is R$ 36.6 million (~R$ 1.94/unit), equivalent to ~2% of net assets. For a R$ 1.73B fund with semi-annual revenue, this is a thin margin: a crop failure or payment delay from 1-2 lessees can quickly erode it. On the positive side, the repurchase of Clarão da Lua farms (Groups 3+4 = R$ 1.98/unit positive impact to be recognized) and the 137,000 soybean bags receivable in 4 annual installments (through 2029) provide visibility.
The Management Report explicitly cites risks of wildfires, illegal deforestation and land invasions on the farms — operational risk beyond the manager's control. In 2024, the fund recorded a 13.93% devaluation at Fazenda Jordãozinho (PR) and 8-12% devaluations in the SPEs (Paranatinga, Clarão da Lua, TRX Patrimonial) in 2025 — a signal that market appraisals can move unfavorably.
Management fee of 1.25% p.a. + 20% above CDI + 2% p.a. performance fee. In 2025 the management fee consumed R$ 21M (1.14% of book net assets). With Selic at 14.5%, the CDI+2% benchmark stands at 16.5% — a high threshold that limits how often performance fees are charged, but which could grow in a Selic-cutting cycle.
Our current reading of RZTR11 is ACCUMULATE, with a score of 7,2/10. 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.
Second place in the brick-and-mortar · other · high quality trio (n=3). RZTR11 delivers the trifecta of scale + real diversification + highest DY in the bucket: R$ 1.73B net assets (3.2× RZAT11 and 4.8× PLAG11), 148k unitholders (4.3× and 10.5×), 24 farms in 8 states (HHI 0.07, top-1 16.2%) and DY 14.17% vs 12.45% (RZAT11) and 9.64% (PLAG11). Up +0.3 pt vs absolute score (6.9) because, in peer-to-peer within this bucket, scale and diversification command a premium even with minimal accumulated balance.
Loses to RZAT11 in three dimensions: P/BV 0.99 vs 0.77 (zero book value margin of safety vs 23% discount), soybean-bag indexed vs IPCA+10% real (no inflation clause — depressed soy cycle compresses DPS without contractual adjustment) and accumulated balance R$ 0.19/unit (minimal reserve after Jan/2026 accounting correction, making DPS 100% dependent on semi-annual capture). Beats PLAG11 on DY (+450 bps), diversification (21 lessees vs 1 BRF) and scale. Structural brakes — 26% of net assets in Land Equity with no current income, semi-annual/annual revenue (not monthly) and unit price decline -9.1% in 2026 — prevent moving to position 1 and justify the ACCUMULATE verdict in peer-to-peer.
Safety in a REIT is not yes or no — it is how much risk you accept. RZTR11 has a medio risk profile. What that means in practice:
| Component | Level |
|---|---|
| Concentração | 1,5 |
| Price volatility | 2,5 |
| Dividend volatility | 4,0 |
| Liquidez | 2,0 |
| Underlying asset risk | 4,0 |
| Financial/leverage risk | 1,0 |
In Mar/2026 the manager retroactively corrected the Jan/2026 accumulated balance from R$ 2.50/unit to R$ 0.15/unit (accounting error identified). The Mar/26 balance is R$ 0.19/unit = R$ 3.58M — less than 1 month of DPS. Without a real reserve, any delay in the Jun-Jul/2026 semi-annual capture forces a DPS cut
Semi-annual capture in Jun-Jul should restore balance IF soybeans hold above R$ 130/bag and lessees honor contracts
R$ 612 million across 3 farms (Clarão da Lua, San Francisco I, Roma+Cedro I) without leases — return depends on future sales. Clarão da Lua Group 3 worked, but it is not guaranteed
Manager demonstrated competence: IRR 20.5% p.a. on Group 3. Group 4 already has a signed sale agreement
Clarão da Lua operation has 4 annual installments of 137,288 bags through 2029 — equivalent to R$ 18.5M/year at current soybean prices. Buyer default would compromise the projected cash flow
In case of default, the buyback option is rescinded and the fund retains the asset (general rule for Sale & Leaseback structures)
Paranatinga Agropecuária (-8.5%), Clarão da Lua Agronegócios (-8.3%), TRX Patrimonial (-12.9%) recorded devaluations in fiscal year 2024-2025 — signals of difficulties in assets still held via SPE
Total SPEs represent R$ 167M (~10% of net assets) — reduced concentration
Mato Grosso accounts for 50% of fixed assets across 9 farms. Systemic climate risk (El Niño drought 2024 already impacted productivity) can affect multiple lessees simultaneously
Diversification by municipality within MT (Sorriso, Canarana, Nova Ubiratã, Campo Verde, São José do Xingu, Paranatinga)
| Scenario | Description |
|---|---|
| Soybean rally + Selic rate cut | Recovery of CEPEA price (R$ 150+/bag) boosts real income; Selic rate cuts favor upward repricing of discounted REITs in general |
| Completion of Clarão da Lua Group 4 sale | Sale agreement signed in Nov/2025. Completion should unlock R$ 1.98/unit positive impact (together with Group 3) — extraordinary distribution or amortization |
| Land Equity Cedro I (coffee-MG) enters lease or sale at a premium | Farm worth R$ 237M (top-1 in portfolio) is Land Equity with no current income. Conversion to lease adds ~R$ 2.5M/month in cash |
| Severe crop failure in MT | 50% of fixed assets in MT — concentrated crop failure (drought, La Niña) can hit 4-5 lessees simultaneously. Delays or renegotiations would affect DPS |
| Soybeans in depressed cycle for 12+ months | CEPEA Paranaguá below R$ 130/bag for more than 12 months compresses real revenue. DPS may regress to R$ 0.85-0.90 (2024 case) |
| Default by a material lessee | Top-3 lessees (Grupo Cultivo, Grupo Kappes, Agropecuária N Fries) account for ~25% of revenue. Default forces property reclaim and re-leasing — vacancy period |
The RZTR11 (Riza Terrax) is today the largest and most diversified listed agricultural land fiagro in Brazil: 24 farms across 84,000 useful hectares, 8 states, 21 distinct lessees, average contractual rate of 15% p.a. and average term of 10 years. A rare case of real diversification in fiagro — HHI of 0.07 and top-1 (Cedro I, coffee-MG) with just 12.7% of fixed assets.
The fund operates three parallel strategies (allocation as of Management Report Mar/2026): Sale & Leaseback (51%) with a pre-fixed rate in soybean bags, Buy to Lease (29%) with return via lessee buyback option, and Land Equity (17%) with a capital appreciation thesis. The Land Equity strategy has already delivered: the sale of Fazenda Clarão da Lua – Group 3 in Aug/2025 generated an IRR of 20.5% p.a. and a R$ 41M gain (R$ 1.98/unit considering Groups 3+4 combined to be recognized over the collection period).
In Mar/2026 RZTR11 distributed R$ 1.00/unit (12-month DY of 13.4%) and the unit closed the month at R$ 94.98 — P/BV 1.04, a small premium over book value. Within the fiagro micro-segment, it is the most expensive (vs BTRA11 at 0.60), but the premium reflects 6× higher liquidity, top-5 manager and real diversification. The quantitative model points to a fair value of R$ 84.50 (range R$ 78-91), suggesting the unit trades at a ~12% premium — entry requires conviction in Land Equity execution and the soybean cycle.
Critical point from the Mar/2026 Management Report (published 13/05/2026): management announced a retroactive accounting correction that reduced the Jan/2026 Accumulated Balance from R$ 2.50/unit to R$ 0.15/unit — in Mar/2026 the balance stands at R$ 0.19/unit (~R$ 3.58M). The accounting reserve underpinning the R$ 1.00 DPS has effectively been depleted. In parallel, the book unit value fell from R$ 94.62 (Dec/25) to R$ 91.74 (Mar/26), a 3.1% reduction that the manager attributes to financial obligations of Fazendas Francisco and Dumont and 'accounting alignments under validation' with the administrator related to the Clarão da Lua sale.
The base scenario for the next 12 months is DPS oscillating R$ 0.90-1.05 with semi-annual capture in Jun-Jul and Nov-Dec — now without a reserve buffer to smooth out delays. The main positive catalysts remain the Clarão da Lua sale installments (4 annual through 2029) and the possible completion of the Fazenda San Francisco I sale (Land Equity, R$ 182M). Central risks are the soybean-bag index (CEPEA R$ 127-130 in Mar/2026), depleted accounting reserve and geographic concentration in MT (50%).
Current recommendation: ACCUMULATE. Rating 7,2/10. The RZTR11 (Riza Terrax) is the largest listed agricultural land FIAGRO: 24 farms, 84,000 useful hectares, average contractual rate of 15% p.a. and average term of 10 years. In Apr/2026 it distributed R$ 1.00/unit (12-month DY of 14.2% ), with the unit trading at P/BV 0.98 (R$…
Our current read on RZTR11 is “ACCUMULATE”. Rating 7,2/10. Assess it against your risk profile and the points of attention listed above.
The main points of attention for Riza Terrax FIAGRO-FII include: Accumulated Balance remained at R$ 0.19/unit in Apr/2026 (thin reserve); Book value per unit declining (-3.1% in 4 months, stabilized in Apr/2026); Annual/semi-annual revenue masks monthly cadence; Index tied to soybean bags, not IPCA.
RZTR11 is suitable for: Investor seeking diversified exposure to Brazilian agribusiness with protection via pre-fixed rate Those seeking 13% DY with an agricultural brick-and-mortar fund and long WAULT (10 years) Portfolio with a small fiagro position for sector diversification — 3-7%