Recommendation: ACCUMULATE · Rating 7.2/10
RZTR11 (Riza Terrax) acquires farms and leases them to agricultural producers: the farmer pays rent equivalent to 15% per year in soybean bags, and the fund passes this through monthly to unitholders, tax-free. It holds 24 farms across 8 states — Brazil's largest agricultural land investment fund. Manager Riza Asset has run the fund since 2020 with a solid track record: 5 years of uninterrupted monthly distributions.
The unit price dropped about -9% in 2026 after an accounting adjustment revealed that the cash reserve was lower than previously reported. Management clarified that debts are covered by receivables from completed farm sales — net debt of only 1.4% of net assets, much lower than it appeared. The dividend (14% DY p.a. on the current price) is real, derived from lease payments, but producers pay on a harvest cycle (every 6–12 months) and cash reserves are thin: a harvest delay could force a temporary dividend cut.
The unit trades at a P/BV of 0.89 (you pay R$ 87 for every R$ 100 of fund net assets) — a meaningful discount to its historical level. It is suitable for investors seeking agribusiness exposure who accept dividend volatility tied to soybean prices. It is not suitable for those who require stable, predictable income. Verdict: ACCUMULATE.
RZTR11 is the largest agricultural land-focused Brazilian REIT-style fund (Fiagro) listed in Brazil: 24 farms spanning 84k usable hectares across 8 states, with an average contract rate of 15% p.a. and a 10-year average maturity. The core thesis is real diversification into productive land, driven by three return engines: recurring leasing (Sale & Leaseback + Buy to Lease, ~74% of net assets), capital gains on undervalued land (Land Equity, 26%), and potential tenant buybacks (embedded options in S&L and BtL contracts).
The Accumulated Earnings Balance held steady at R$ 0.19/unit in Apr/2026 (matching Mar/2026). The Jan/2026 accounting adjustment that slashed it from ~R$ 2.50 to R$ 0.19/unit remains in effect — the reserve is minimal. With a DPU of R$ 1.00/unit and earnings/unit of R$ 1.00 (Apr/2026), the fund operates without building an extra buffer. The DPU remains dependent on semiannual cash capture in Jun–Jul and Nov–Dec/2026.
Book value per unit moved from R$ 94.62 (Dec/2025) to R$ 91.74 (Apr/2026) — a 3.1% drop over 4 months, though BV remained stable between Mar/2026 and Apr/2026. Management clarified in the Apr/2026 Management Report that the reduction stems from obligations related to Fazenda San Francisco (R$ 190.8M payable through 2028) and Fazenda Francisco Dumont (R$ 72M + coffee operating costs). Positive: Fazenda Roma will be marked to market by June 30, 2026, using an appraisal report, which should help normalize book value.
Lease payments are annual or semiannual, not monthly. In Q1 2026, the fund generated R$ 3.10/unit in earnings and distributed R$ 3.00/unit (97% payout), but this pace is only sustainable due to semiannual inflows. In Mar/2026, earnings/unit reached R$ 1.01 with revenue of R$ 21.1M vs R$ 22.1M in Jan/2026 (a 4.7% decrease).
Lease contracts are pre-fixed in soybean bags (average rate of 15% p.a.). Revenue in reais fluctuates based on the CEPEA soybean price: in Jan/2026, the Paranaguá bag ranged between R$ 136–141, below its 2025 peak. A prolonged cycle of depressed soybean prices (high global inventories, steady Chinese demand) could compress DPU without management being able to adjust — unlike FIIs with IPCA clauses.
Three farms (Clarão da Lua, San Francisco I, Fazendas Roma + Cedro I) total R$ 612 million (26% of NAV) without current leases. The thesis relies on long-term capital gains (~30% p.a. expected by management), but they do not generate monthly cash flow. This means 26% of fixed assets depend on future sales to generate returns for unitholders — the Clarão da Lua Group 3 transaction worked well (20.5% IRR), but it is a riskier strategy than traditional sale-leaseback.
Net cash (Mar/2026) stood at R$ 36.6 million (~R$ 1.94/unit, ~2% of NAV). In August 2026, Cereal Ouro Group early-exercised purchase options for the Porto Alegre do Norte/MT properties, paying the fund R$ 48.8 million in a single installment (~R$ 2.59/unit), which significantly improves the cash position. Liquidity risk has decreased — the new risk is when and at what rate this capital will be redeployed.
The Management Report explicitly cites risks of fires, illegal deforestation, and land invasions on the farms — operational risks beyond the manager's control. In 2024, the fund recorded a 13.93% markdown on Fazenda Jordãozinho (PR) and 8–12% markdowns on SPVs (Paranatinga, Clarão da Lua, TRX Patrimonial) in 2025 — a sign that market valuations can move unfavorably.
Management fee of 1.25% p.a. + 20% over CDI + 2% p.a. performance fee. In 2025, the management fee consumed R$ 21M (1.14% of accounting NAV). With the Selic rate at 14.5%, the CDI+2% benchmark sits at 16.5% — a high threshold that limits the frequency of performance fee collections, but which could increase in a declining Selic 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.
Best in bucket: 24 farms across 8 states dilute climate and tenant risk, Riza management with a proven track record, P/BV of 0.84 (16% discount), and sustainable DPU. DY of 12.7% is lower than SNAG11, but with significantly lower risk. Pay attention to the Land Equity portion without current income and the soybean bag indexer.
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 | 2.5 |
In March 2026, the manager retroactively corrected the January 2026 retained earnings balance from R$ 2.50/unit to R$ 0.15/unit following an identified accounting error. The balance in March 2026 stands at R$ 0.19/unit (= R$ 3.58M), equivalent to less than 1 month of DPU. Without a real reserve buffer, any delay in capturing the June-July 2026 semiannual cash flow will force a DPU cut
Semiannual cash flow capture in June-July should restore earnings IF soybean prices hold at R$ 130/bag and tenants honor contracts
R$ 612 million across 3 unleased farms (Clarão da Lua, San Francisco I, Roma+Cedro I) with no current income — returns depend on future sales. Clarão da Lua Group 3 worked out, but it is not guaranteed
Manager demonstrated competence: 20.5% p.a. IRR on Group 3. Group 4 already has a signed sales commitment
The Clarão da Lua transaction features 4 annual installments of 137,288 bags through 2029 — equivalent to R$ 18.5M/year at current soybean values. Buyer default would jeopardize projected cash flows
In case of default, the buyback option is canceled and the fund retains the asset (standard rule for Sale & Leaseback structures)
Paranatinga Agropecuária (-8.5%), Clarão da Lua Agronegócios (-8.3%), and TRX Patrimonial (-12.9%) registered valuation declines in the 2024-2025 fiscal year — signaling headwinds for assets still held via special purpose entities (SPEs)
Total SPE holdings equal R$ 167M (~10% of net assets) — limited concentration
Mato Grosso accounts for 50% of fixed assets across 9 farms. Systemic weather risk (the 2024 El Niño drought already impacted yields) could affect multiple tenants simultaneously
Diversification across municipalities within Mato Grosso (Sorriso, Canarana, Nova Ubiratã, Campo Verde, São José do Xingu, Paranatinga)
| Scenario | Description |
|---|---|
| Soaring soybean prices + Selic rate cuts | Recovery in CEPEA prices (R$ 150+/bag) boosts real revenue; Selic rate cuts favor the repricing of discounted FIIs generally |
| Completed sale of Clarão da Lua Group 4 | Sales commitment signed in November 2025. Completion should release an estimated positive impact of R$ 1.98/unit (along with Group 3) — via extraordinary distribution or amortization |
| Cedro I Land Equity (coffee-MG) enters into a lease agreement or a premium sale | A R$ 237M farm (portfolio top-1) currently represents Land Equity without current income. Converting it to a lease would add ~R$ 2.5M/month to cash flow |
| Severe crop failure in Mato Grosso | 50% of fixed assets located in Mato Grosso — concentrated crop failures (droughts, La Niña) can hit 4-5 tenants simultaneously. Delays or renegotiations would impact DPUs |
| Depressed soybean cycle lasting 12+ months | CEPEA Paranaguá prices below R$ 130/bag for over 12 months compress real revenue. DPU could regress to R$ 0.85-0.90 (as seen in 2024) |
| Default by a major tenant | Top-3 tenants (Grupo Cultivo, Grupo Kappes, Agropecuária N Fries) account for ~25% of revenue. Defaults force asset repossessions and re-leasing periods involving vacancy |
RZTR11 (Riza Terrax) is currently the largest and most diversified listed agricultural land fiagro in Brazil: 24 farms across 84 thousand useful hectares, 8 states, 21 distinct tenants, an average contractual rate of 15% p.a., and a weighted average lease term of 10 years. A rare case of real diversification in a fiagro — Herfindahl-Hirschman Index of 0.07, with the top asset (Cedro I, coffee-MG) representing only 12.7% of fixed assets.
The fund operates three parallel strategies (allocation per Management Report Mar/2026): Sale & Leaseback (51%) with pre-fixed rates pegged to soybean sacks, Buy to Lease (29%) with returns via the tenant's buyback option, and Land Equity (17%) based on capital appreciation. 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 gain of R$ 41M (R$ 1.98/unit considering Groups 3+4 combined, to be recognized over the period).
In Mar/2026, RZTR11 distributed R$ 1.00/unit (12-month dividend yield of 13.4%) and the unit closed the month at R$ 94.98 — P/BV of 1.04, a slight 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, a top-5 manager, and real diversification. The quantitative model points to a fair price of R$ 84.50 (range R$ 78–91), suggesting units trade at a ~12% premium — entering requires conviction in Land Equity execution and the soybean cycle.
Critical point from the Management Report Mar/2026 (published on 05/13/2026): the manager announced a retroactive accounting adjustment that reduced retained earnings from Jan/2026 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 that supported the R$ 1.00 DPU has effectively been depleted. Concurrently, the book value per unit dropped from R$ 94.62 (Dec/25) to R$ 91.74 (Mar/26), a 3.1% reduction which the manager attributes to financial obligations of the Francisco and Dumont farms and 'accounting alignments under validation' regarding the Clarão da Lua sale.
The base case for the next 12 months is a DPU fluctuating between R$ 0.90–1.05 with semiannual captures in Jun–Jul and Nov–Dec — now without a reserve cushion to smooth out delays. The main positive catalysts remain the installment payments from the Clarão da Lua sales (4 annual payments through 2029) and the potential completion of the Fazenda San Francisco I sale (Land Equity, R$ 182M). The core risks are the soybean sack indexer (CEPEA R$ 127–130 in Mar/2026), depleted accounting reserves, and geographic concentration in Mato Grosso (50%).
Current recommendation: ACCUMULATE. Rating 7.2/10. RZTR11 (Riza Terrax) acquires farms and leases them to agricultural producers : the farmer pays rent equivalent to 15% per year in soybean bags, and the fund passes this through monthly to unitholders, tax-free. It holds 24 farms across 8 states — Brazil's largest agricultural…
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 maintained at R$ 0.19/unit in Apr/2026 (scant reserve); Book value per unit declining (-3.1% over 4 months, stabilized in Apr/2026); Annual/semiannual revenue masks monthly cash flow; Indexer in soybean bags, not IPCA.
RZTR11 is suitable for: Investors seeking diversified exposure to Brazilian agribusiness with fixed-rate protection Investors looking for a 13% dividend yield via an agricultural brick-and-mortar fund with a long WAULT (10 years) Portfolios seeking a small allocation to a Fiagro for sector diversification — 3–7%